Attending a Franchise Information Workshop

Running a franchise is an endeavor different from other businesses. Franchise owners aren't exactly entrepreneurs since they have to run their businesses in accordance with their franchise company's rules, but they aren't employees because they've poured their own capital into the store they're running. Also, research indicates that the survival rate for franchise units (average age five years) is significantly lower than for other start-up variations.

What does this all mean? It means that no matter what your business experience has been, if you've ever entertained the idea of running a franchise you may want to consider attending a workshop that goes over the process of choosing, purchasing and running a franchise.

Most workshops at the moment cover the same things: reading the Uniform Franchise Offering Circular, or UFOC, that tells you about the company and its operations; what to ask before signing a franchising contract; the advantages of getting a franchise-specializing attorney and more. But, content aside, which workshop you attend can have a dramatic impact on your experience.

If price is a factor, the United States Hispanic Chamber of Commerce recently offered a workshop for free, with plans to run more workshops in several cities in the near future. On the other side of things is a weekend-long workshop that costs $900 by the University of Texas, El Paso as part of a program for continuing-education. The program is run by a group that represents franchise companies called the International Franchise Association.

In between the price spectrum there are programs run by business schools, small-business groups or other local chapters of organizations. SCORE runs a mentoring program that matches beginning entrepreneurs with retired executives willing to give them a few pointers. A school in Fort Lauderdale, Florida offers a course called "Catch the Franchise Fever" for $59 at various times throughout the year. The Zicklin School of Business in New York also offers a workshop once a semester. For workshops near you, check out the calendar of the U.S. Small Business Administration.

Look for seminars that will put you in touch with franchisees, like the workshop at the Huizenga School where you can hear the franchiser's point one evening and the franchisee's point of view the next. This alone is worth the effort, as you can see both the hype and the reality of owning and running a franchise.

A workshop is also a good choice for you if you're concerned about the franchise contract, is that's usually the issue most workshops focus on. Seminar attendees learn to break down and analyze the various components of the often confusing contract, and discover the pitfalls of not understanding it correctly (or just not paying enough attention.)

Above all, remember that-despite all promises of a family-like relationship between you and your franchise company-a franchise is still just a business at the end of the day. Depending on your understanding of it and the effort you put into your franchise it may be a good business, but it's a business just the same. You need to be concerned with your own interests, because your parent company will certainly be concerned with theirs.